Just in: Naira hits N1100/$1 at parallel market 

The exchange rate between the naira and dollar fell to N1,100 on the black market according to traders who sell forex per inflow.

According to traders in Lagos, dollar is quoted for between N1,100-N1,110 for inflow. Inflows are forex transactions sold or bought over the wires.

The exchange rate at the official Nigerian Forex Market fell to the lowest ever point of N848/$1 on Tuesday marking a turning point in Nigeria’s exchange rate crisis.

READ ALSO: Naira hits record low, now N848/$1 at official market

The exchange rate between the naira and dollar devalued to N848/$1 on the official investor and exporter window on October 17th, 2023. It also traded at a record at an intra-day high of N981/$1.

This is according to data from the FMDQ website which publishes the daily exchange rate on the Nigerian forex exchange market where forex is sold officially.

This is the lowest the naira has ever traded officially. Before now, the lowest the naira had traded officially was N803.90/$1 recorded on the 14th of July 2023.